What is SYNCB/Gap?
SYNCB/Gap is a code used on credit reports to represent a hard inquiry made by Synchrony Bank for a Gap credit card application. You may see this code on your credit report when you apply for a Gap credit card issued by Synchrony Bank.
Synchrony Bank and Store Credit Cards
Synchrony Bank is a well-known issuer of store credit cards for various retailers, including Gap. The Gap credit card is one of Synchrony’s most popular offerings, providing cardholders with rewards and benefits when shopping at Gap and its affiliated brands.
The Difference Between Hard and Soft Inquiries
What is a hard inquiry?
A hard inquiry occurs when a lender or creditor checks your credit report as part of their decision-making process for granting credit. Examples of situations that may result in a hard inquiry include applying for a mortgage, apartment, car loan, credit card, insurance policy, cell phone, or sometimes even a job.
Hard inquiries can cause your credit score to drop by a few points. Having too many hard inquiries in a short period of time can negatively impact your credit score and make it more difficult for you to obtain credit in the future.
What is a soft inquiry?
A soft inquiry, on the other hand, is when a company checks your credit history as part of a background check or prequalification process. Soft inquiries can also occur when an existing creditor checks your credit to monitor your current credit situation. Unlike hard inquiries, soft inquiries do not affect your credit scores.
How long do hard inquiries stay on your credit report?
Hard inquiries typically stay on your credit report for up to 2 years. Regardless of whether you are approved for the Gap credit card or not, the inquiry will be recorded by one or all three major credit reporting agencies: Equifax, Experian, and TransUnion.
What to Do About Unauthorized Inquiries
If you find an inquiry on your credit report that you don’t recognize or didn’t authorize, you should contact Synchrony Bank to inquire about the reason for the hard inquiry. The creditor’s name should be listed under the hard inquiry section on your credit report.
Can SYNCB/Gap Be Removed from My Credit Report?
Lexington Law is a reputable credit repair company that specializes in removing inquiries and other negative items from your credit report. With more than 18 years of experience, Lexington Law has achieved over 6 million removals for their clients in 2021 alone.
Lexington Law can also help you dispute and possibly remove the following items from your credit report:
- late payments
- collections
- charge offs
- foreclosures
- repossessions
- bankruptcies
Take Action to Remove Inquiries Today
If you’re struggling with bad credit due to hard inquiries or other negative items, consider a free credit consultation with Lexington Law. They have helped many people in similar situations and can potentially help you too.
Visit their website and fill out the form to see what they can do for you and get your credit back on track.
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